Mortgage rates are one of the primary factors impacting home affordability in the US. The mortgage rate determines the interest you pay on your home loan purchasing a home or refinancing when rates are low helps to improve home affordability. The 30-year fixed mortgage rate stood at 7.40% as of October 8, 2026, per Freddie Mac’s Primary Mortgage Market Survey, continuing a gradual climb since mid-summer. The 2026 year-to-date average stands at approximately 6.46%, below the 2025 annual average of approximately 6.60%.
Pair the current 2026 mortgage rate with the median home price in the US and you could be looking at a monthly mortgage payment that would require well over a six-figure income to afford. Which is certainly more than the average income in the USA.
For full affordability planning and scenario frameworks, start with the Mortgage Affordability hub.
US Mortgage rate history summary
- The overall average 30-year fixed mortgage rate is 7.68%
- Lowest 30-year fixed mortgage rate: 2.65%
- Highest 30-year fixed mortgage rate: 18.63%
- The overall average 15-year fixed mortgage rate is 5.27%
- Lowest 15-year fixed mortgage rate: 2.10%
- Highest 15-year fixed mortgage rate: 8.89%
30-Year vs. 15-Year Fixed Mortgage Rate 1971 to 2026
Over the period of 1991 to 2026 where both the 30-year and 15-year fixed mortgage rates were tracked the 30-year average fixed mortgage rate was always more expensive than the 15-year average fixed mortgage rate. Over this period of time the 30-year fixed mortgage rate was on average 0.57 percentage points more expensive than the 15-year fixed mortgage rate. Loans with a shorter term such as the 15-year mortgage are less risky for lenders which is why they can afford to offer lower rates.
While the 30-year fixed mortgage rates were tracked in 1971 to 2026 the 15-year fixed mortgage rates were only tracked starting in 1991. This difference in time periods helps to explain the variance in overall annual averages between the 15-year and 30-year mortgage rates.
30-Year Fixed Mortgage Rate 1971 to 2026
- Overall 30-year average: 7.68%
- Lowest: 2.65%
- Highest: 18.63%
Over the period of 1971 to 2026 the overall average 30-year fixed mortgage rate was 7.68%. The highest 30-year fixed mortgage rate during this time was 18.63% which was observed in 1981. The lowest 30-year fixed mortgage rate was 2.65% which was observed in 2021. The most recent average 30-year fixed mortgage rate is 7.40% as of October 8, 2026, per Freddie Mac’s PMMS.
15-Year Fixed Mortgage Rate 1991 to 2026
- Overall 15-year average: 5.27%
- Lowest: 2.10%
- Highest: 8.89%
Over the period of 1991 to 2026 the overall average 15-year fixed mortgage rate was 5.27%. The highest 15-year fixed mortgage rate during this time was 8.89% which was observed in 1994. The lowest 15-year fixed mortgage rate was 2.10% which was observed in 2021. The most recent average 15-year fixed mortgage rate is approximately 6.73% as of October 8, 2026, per Freddie Mac’s PMMS.
How mortgage rates impact purchasing a home
The median home price in the US is $417,500 according to NAR’s September 2026 existing-home sales snapshot. If we were to follow the 28/36 rule as a guide for mortgage affordability how much of a role does the mortgage rate play?
If we use a $20,000 down payment and 30-year amortization period we can compare the cost of mortgage payments with different mortgage rates.
If we use the 30-year average fixed rate of 7.68% the mortgage payment on the median home in the US would be $2,829. Holding all other variables constant if we update the mortgage rate to be 6.68% the monthly payment drops to $2,560 which is $269 less a month.
So how much do mortgage rates impact home affordability? Well with a mortgage rate of 7.68% total interest paid over the lifetime of the loan will be $620,773 compared to $523,995 with a mortgage rate of 6.68% for a difference of $96,778 over the 30-year amortization period.
The interest rate you choose has a large impact on home affordability. Since current mortgage rates are a little below the 30-year fixed average of 7.68% it is a good idea to use a mortgage payment calculator to compare different scenarios. You may also want to understand mortgage points which let you buy down your rate.
If we were to purchase the median home in the US with a 30-year amortization period and use the 28/36 rule as a guide to mortgage affordability — total interest paid over the term of the mortgage changes substantially based on the interest rate. Use the mortgage affordability calculator to see how different rates impact your buying power.
Average 30-year fixed mortgage rates by year
The below chart is a summary of the average fixed 30-year mortgage rates from 1971 to 2026. The 2026 figure reflects the year-to-date average through October 8, 2026.
Historical mortgage rates by each decade
Here is a breakdown of the 30-year fixed mortgage rates in the United States. From the period of 1971-2026 the average overall mortgage rate is 7.68%. If you take the average of the lowest weekly mortgage rates for each year the average lowest weekly mortgage rate is 7.00% (-0.68% from the average). The average of the highest weekly mortgage rates is 8.38% (+0.70 from the average).
2020’s
The average 30-year fixed mortgage rate was 3.11% in 2020 which was a decrease from the average rate at the end of the previous decade. While rates were low at the start of the 2020’s they have since risen to a 2026 year-to-date average of approximately 6.46%, with the most recent weekly rate reaching 7.40% as of October 8, 2026. The highest weekly mortgage rate was 7.79% in 2023 which is a 5.14 percentage point increase from the lowest weekly mortgage rate of 2.65% two years prior in 2021. The rapid rate increases starting in 2022 significantly impacted the housing market and home affordability across the country.
| Year | Average | Low | High |
|---|---|---|---|
| 2026 | 6.46%* | 5.98% | 7.40% |
| 2025 | 6.60% | 6.15% | 7.04% |
| 2024 | 6.72% | 6.08% | 7.22% |
| 2023 | 6.81% | 6.09% | 7.79% |
| 2022 | 5.34% | 3.22% | 7.08% |
| 2021 | 2.96% | 2.65% | 3.18% |
| 2020 | 3.11% | 2.66% | 3.72% |
*2026 data is year-to-date through October 8, 2026.
2010’s
The start of the 2010’s saw an average 30-year fixed mortgage rate of 4.69% in 2010. Weekly mortgage rates ranged from about 3.3% to 5.2% throughout the decade. The highest weekly mortgage rate was 5.21% in 2010. The lowest weekly mortgage rate was 3.31% a couple of years later in 2012. The end of the decade saw the average 30-year mortgage rate hit 3.94% in 2019.
| Year | Average | Low | High |
|---|---|---|---|
| 2019 | 3.94% | 3.49% | 4.51% |
| 2018 | 4.54% | 3.95% | 4.94% |
| 2017 | 3.99% | 3.78% | 4.30% |
| 2016 | 3.65% | 3.41% | 4.32% |
| 2015 | 3.85% | 3.59% | 4.09% |
| 2014 | 4.17% | 3.80% | 4.53% |
| 2013 | 3.98% | 3.34% | 4.58% |
| 2012 | 3.66% | 3.31% | 4.08% |
| 2011 | 4.45% | 3.91% | 5.05% |
| 2010 | 4.69% | 4.17% | 5.21% |
2000’s
The decade started off with an average 30-year mortgage rates of 8.05% in 2000. This year also had the highest weekly mortgage rate at 8.64%. From 2001 to 2009 annual average mortgage rates ranged from 5.04% to 6.97%, reaching a low of 5.04% in 2009.
| Year | Average | Low | High |
|---|---|---|---|
| 2009 | 5.04% | 4.71% | 5.59% |
| 2008 | 6.03% | 5.10% | 6.63% |
| 2007 | 6.34% | 5.96% | 6.74% |
| 2006 | 6.41% | 6.10% | 6.80% |
| 2005 | 5.87% | 5.53% | 6.37% |
| 2004 | 5.84% | 5.38% | 6.34% |
| 2003 | 5.83% | 5.21% | 6.44% |
| 2002 | 6.54% | 5.93% | 7.18% |
| 2001 | 6.97% | 6.45% | 7.24% |
| 2000 | 8.05% | 7.13% | 8.64% |
1990’s
The first year of the 1990’s saw peak in mortgage rates for the decade as the down ward trend from the 1980’s continued. The average 30-year mortgage rate in 1990 was 10.13% with the max weekly rate reaching 10.67%. Rates continued to decrease as the decade continued with a low average rate in 1998 of 6.94%. The decade finished off with mortgage rates slightly above the 1998 low with an average 30-year mortgage rate of 7.44% in 1999. The highest weekly mortgage rate for the decade was 10.67% in 1990 and the lowest weekly mortgage rate was 6.49% in 1998.
| Year | Average | Low | High |
|---|---|---|---|
| 1999 | 7.44% | 6.74% | 8.15% |
| 1998 | 6.94% | 6.49% | 7.22% |
| 1997 | 7.60% | 6.99% | 8.18% |
| 1996 | 7.81% | 6.94% | 8.42% |
| 1995 | 7.93% | 7.11% | 9.22% |
| 1994 | 8.38% | 6.97% | 9.25% |
| 1993 | 7.31% | 6.74% | 8.07% |
| 1992 | 8.39% | 7.84% | 9.03% |
| 1991 | 9.25% | 8.35% | 9.75% |
| 1990 | 10.13% | 9.56% | 10.67% |
1980’s
Historical mortgage rates started off the decade with an average 30-year mortgage rate of 13.74% in 1980. The average mortgage rate saw an increase in 1981 to an average 30-year mortgage rate of 16.64% which was the peak of the decade. The 1980’s finished off with an average rate of 10.32%. Over the decade the highest mortgage rate was 18.63% in 1981 and the lowest was 9.03% in 1987.
| Year | Average | Low | High |
|---|---|---|---|
| 1989 | 10.32% | 9.68% | 11.22% |
| 1988 | 10.34% | 9.84% | 10.77% |
| 1987 | 10.21% | 9.03% | 11.58% |
| 1986 | 10.19% | 9.29% | 10.99% |
| 1985 | 12.43% | 11.09% | 13.29% |
| 1984 | 13.88% | 13.14% | 14.68% |
| 1983 | 13.24% | 12.55% | 13.89% |
| 1982 | 16.04% | 13.57% | 17.66% |
| 1981 | 16.64% | 14.80% | 18.63% |
| 1980 | 13.74% | 12.18% | 16.35% |
1970’s
The 1970’s saw the 30-year mortgage rate start off with an average of 7.54% in 1971 (weekly data begins in April). Mortgage rates increased from an average of 7.54% in 1971 to an average of 11.20% at the end of the decade in 1979. The lowest 30-year mortgage rate was 7.23% in 1972 compared to the highest rate of 12.90% in 1979.
| Year | Average | Low | High |
|---|---|---|---|
| 1979 | 11.20% | 10.38% | 12.90% |
| 1978 | 9.64% | 8.98% | 10.38% |
| 1977 | 8.85% | 8.65% | 9.00% |
| 1976 | 8.87% | 8.70% | 9.10% |
| 1975 | 9.05% | 8.80% | 9.60% |
| 1974 | 9.19% | 8.40% | 10.03% |
| 1973 | 8.04% | 7.43% | 8.85% |
| 1972 | 7.38% | 7.23% | 7.46% |
| 1971 | 7.54% | 7.29% | 7.73% |
2026 mortgage rate outlook
The 30-year fixed mortgage rate stood at 7.40% the week of October 8, 2026, per Freddie Mac’s PMMS, continuing an upward drift since mid-2026. Rates had held in a narrow 5.98%–6.16% band through the first half of March before climbing gradually through the spring and summer, reaching the mid-6% range by July and passing 7% in late September.
The year-to-date average through October 8, 2026 stands at approximately 6.46%, below the 2025 full-year average of approximately 6.60% but trending higher in recent months. For the 15-year fixed mortgage, rates have risen to approximately 6.73% — a spread of about 0.67 percentage points below the 30-year, a little wider than the historical average of under 0.6 points.
What the 7.40% rate means for buyers: On a median-priced home of $417,500 with a $20,000 down payment, the 7.40% rate produces a monthly principal and interest payment of approximately $2,752. Compare that to someone who locked in 2.65% at the pandemic low in January 2021 — they pay roughly $1,602/month on the same loan amount. That roughly $1,150 monthly difference illustrates the lock-in effect: homeowners with very low-rate mortgages have little financial incentive to sell and give up their rate, which can keep the supply of homes for sale low.
The path toward 7%: Rates passed the psychologically significant 7% mark in late September 2026 (7.03% on September 24) and reached 7.40% on October 8, the highest weekly reading since November 2023. Whether rates break through that level or pull back will depend on Federal Reserve policy decisions, Treasury auction demand, and incoming inflation data. If you are considering purchasing a home or refinancing it is worth modeling scenarios at both current rates and possible future levels using a mortgage payment calculator.
Key takeaways
- The 30-year fixed rate reached 6.95% as of September 17, 2026, then passed 7% in later weeks and reached 7.40% as of October 8, 2026
- Rates rose steadily from a period of early-2026 stability (5.98%–6.16% through the first half of March) and by October 8 were at the highest weekly reading since November 2023
- The spread between 30-year and 15-year rates has averaged about 0.57 percentage points historically — choosing a 15-year mortgage saves significantly on interest
- The 1980s saw the highest rates in Freddie Mac’s survey, which began in 1971, with the 30-year rate reaching 18.63% in October 1981
- The lowest rates in Freddie Mac’s survey were in 2020-2021, with the 30-year rate falling to 2.65% in January 2021
- A 1-percentage-point change in your mortgage rate can change total interest paid by roughly $97,000 on a $397,500 30-year loan (7.68% versus 6.68%), and by about $49,000 on a $200,000 loan
Related mortgage guides
source: FRED
Sources
- Board of Governors of the Federal Reserve System. “Selected Interest Rates.” federalreserve.gov/releases/h15
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